SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 1)*
DCAP GROUP, INC.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
233065 10 1
-----------
(CUSIP Number)
December 31, 2003
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
Rule 13d-1(b)
[X] Rule 13d-1(c)
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13G
CUSIP NO. 233065 10 1 Page 2 of 14
_____________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
Jack Seibald
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Netherlands
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES 608,750 (See Item 4)
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 565,000
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 673,750 (See Item 4)
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 565,000
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,238,750 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[x]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.9% (Based on 12,462,152 shares outstanding on 10/31/03, plus the share
of Common Stock purchased by the Reporting Persons)
_____________________________________________________________________________
12 TYPE OF REPORTING PERSON
IN
_____________________________________________________________________________
SCHEDULE 13G
CUSIP NO. 233065 10 1 Page 3 of 14
_____________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
Stephanie Seibald
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES 0 (See Item 4)
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 565,000
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0 (See Item 4)
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 565,000
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,238,750 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[x]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.9% (Based on 12,462,152 shares outstanding on 10/31/03, plus the share
of Common Stock purchased by the Reporting Persons)
_____________________________________________________________________________
12 TYPE OF REPORTING PERSON
IN
_____________________________________________________________________________
SCHEDULE 13G
CUSIP NO. 233065 10 1 Page 4 of 14
_____________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
SDS Partners I, Ltd.
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Florida
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES 500,000 (See Item 4)
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 500,000 (See Item 4)
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,238,750 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[x]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.9% (Based on 12,462,152 shares outstanding on 10/31/03, plus the share
of Common Stock purchased by the Reporting Persons)
_____________________________________________________________________________
12 TYPE OF REPORTING PERSON
PN
_____________________________________________________________________________
SCHEDULE 13G
CUSIP NO. 233065 10 1 Page 5 of 14
_____________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
Boxwood FLTD Partners
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES 15,000 (See Item 4)
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 15,000 (See Item 4)
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,238,750 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[x]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.9% (Based on 12,462,152 shares outstanding on 10/31/03, plus the share
of Common Stock purchased by the Reporting Persons)
_____________________________________________________________________________
12 TYPE OF REPORTING PERSON
PN
_____________________________________________________________________________
SCHEDULE 13G
CUSIP NO. 233065 10 1 Page 6 of 14
_____________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
Steward Spector IRA
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES 30,000 (See Item 4)
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 30,000 (See Item 4)
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,238,750 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[x]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.9% (Based on 12,462,152 shares outstanding on 10/31/03, plus the share
of Common Stock purchased by the Reporting Persons)
_____________________________________________________________________________
12 TYPE OF REPORTING PERSON
IN
_____________________________________________________________________________
SCHEDULE 13G
CUSIP NO. 233065 10 1 Page 7 of 14
_____________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
Barbara Spector IRA Rollover
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES 15,000 (See Item 4)
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 15,000 (See Item 4)
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,238,750 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[x]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.9% (Based on 12,462,152 shares outstanding on 10/31/03, plus the share
of Common Stock purchased by the Reporting Persons)
_____________________________________________________________________________
12 TYPE OF REPORTING PERSON
IN
_____________________________________________________________________________
SCHEDULE 13G
CUSIP NO. 233065 10 1 Page 8 of 14
_____________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
Karen Dubrowsky IRA
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES 20,000 (See Item 4)
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 20,000 (See Item 4)
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,238,750 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[x]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.9% (Based on 12,462,152 shares outstanding on 10/31/03, plus the share
of Common Stock purchased by the Reporting Persons)
_____________________________________________________________________________
12 TYPE OF REPORTING PERSON
IN
_____________________________________________________________________________
SCHEDULE 13G
CUSIP NO. 233065 10 1 Page 9 of 14
Item 1. Name of the Issuer and Address:
(a) DCAP Group, Inc. ("DCAP").
(b) The principal executive offices of DCAP are 1158 Broadway, Hewlett,
New York 11557.
Item 2. Identity, Address, Citizenship, Title of Class of Securities and
CUSIP Number:
Items 2(a), (b), (c)
This Schedule 13G ("Statement") is being filed by Jack Seibald ("J.
Seibald"), Stephanie Seibald ("S. Seibald"), SDS Partners I, Ltd., a Florida
limited partnership ("SDS"), Boxwood FLTD Partners, a Delaware limited
partnership ("Boxwood"), Stewart Spector IRA ("S. Spector"), Barbara Spector IRA
Rollover ("B. Spector") and Karen Dubrowsky IRA ("Dubrowsky", which together
with J. Seibald, S. Seibald, SDS, Boxwood, S. Spector and B. Spector shall be
referred to collectively as the "Group"; each member of the Group shall be
referred to individually as a "Member" and collectively as "Members"). The
address of the principal business office of each of J. Seibald, S. Seibald and
Boxwood is 1336 Boxwood Drive West, Hewlett Harbor, NY 11557. The address of the
principal business office of SDS, S. Spector and B. Spector is 43 Hampshire
Lane, Boyton Beach, FL 33436. The address of the principal business office of
Dubrowsky is 36 East Voss Avenue, East Rockaway, NY 11518. J. Seibald is a
citizen of the Netherlands. S. Seibald, S. Spector, B. Spector and Dubrowsky are
United States citizens.
Item 2(d), (e)
This Statement relates to the Common Stock, $.01 par value per share,
of DCAP (the "DCAP Common Stock"). The CUSIP number for the DCAP Common Stock
is 233065 10 1.
Item 3 If this statement is filed pursuant to Sections 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
Not Applicable
Item 4. Ownership:
J. Seibald and S. Seibald, jointly, own 565,000 shares of DCAP Common
Stock, representing 4.5% of DCAP issued and outstanding shares (based on
12,462,152 shares outstanding on 10/31/03, plus the share of Common Stock
purchased by the Reporting Persons). J. Seibald and S. Seibald are husband and
wife. J. Seibald owns an additional 93,750 shares of DCAP Common Stock through a
warrant dated as of July 10, 2003, representing 0.8% of DCAP issued and
outstanding shares (based on 12,462,152 shares outstanding on 10/31/03, plus the
share of Common Stock purchased by the Reporting Persons). SDS owns 500,000
shares of DCAP Common Stock (the "SDS Shares"), representing 4.0% of DCAP's
issued and outstanding shares (based on 12,462,152 shares outstanding on
10/31/03, plus the share of Common Stock purchased by the Reporting Persons).
Boxwood owns 15,000 shares of DCAP Common Stock (the "Boxwood Shares"),
representing 0.1% of DCAP's issued and outstanding shares (based on 12,462,152
shares outstanding on 10/31/03, plus the share of Common Stock purchased by the
Reporting Persons). S. Spector owns 30,000 shares of DCAP Common Stock (the "S.
Spector Shares"), representing 0.2% of DCAP's issued and outstanding shares
(based on 12,462,152 shares outstanding on 10/31/03, plus the share of Common
Stock purchased by the Reporting Persons). B. Spector owns 15,000 shares of DCAP
Common Stock (the "B. Spector Shares"), representing 0.1% of DCAP's issued and
outstanding shares (based on 12,462,152 shares outstanding on 10/31/03, plus the
share of Common Stock purchased by the Reporting Persons). Dubrowsky owns 20,000
shares of DCAP
SCHEDULE 13G
CUSIP NO. 233065 10 1 Page 10 of 14
Common Stock (the "Dubrowsky Shares"), representing 0.2% of DCAP's issued and
outstanding shares (based on 12,462,152 shares outstanding on 10/31/03, plus the
share of Common Stock purchased by the Reporting Persons). S. Spector and B.
Spector are S. Seibald's parents. Dubrowsky is J. Seibald's sister-in-law.
J. Seibald, S. Seibald, their three children, S. Spector, B. Spector
and Dubrowsky are beneficiaries of a trust that is a limited partner of SDS.
Boxwood is owned and operated by J. Seibald. SDS, Boxwood, S. Spector, B.
Spector and Dubrowsky have each granted to J. Seibald the power-of-attorney to
hold, pledge, transfer, assign, sell or otherwise dispose of, by endorsement or
otherwise, the SDS Shares, the Boxwood Shares, the S. Spector Shares, the B.
Spector Shares and the Dubrowsky Shares, respectively. SDS and Boxwood have each
additionally granted to J. Seibald the power-of-attorney to attend, vote for and
otherwise take part in all and any general meetings of DCAP, whether ordinary or
extraordinary, held by or in connection with the SDS Shares and the Boxwood
Shares.
The shares of Common Stock reported in this Schedule 13G do not include
135,000 shares of DCAP Common Stock issuable upon the exercise of a warrant held
by S. Spector (the "Spector Warrant"). The Spector Warrant is subject to a
conversion cap that precludes the holder thereof and its affiliates and any
other persons or entities whose beneficial ownership would be aggregated with
the holder's (as determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934) (the "Owners") from utilizing its exercise rights to the
extent that any of the Owners would beneficially own in excess of 9.999% of the
DCAP Common Stock, giving effect to such exercise. The shares of Common Stock
reported in this Schedule 13G include 15,000 shares of DCAP Common Stock
issuable upon the exercise of the Spector Warrant since the exercise of the
Spector Warrant with respect to such 15,000 shares would not cause any of the
Owners to beneficially own in excess of 9.999% of the DCAP Common Stock.
Item 5. Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities check the following [ ]
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
See Item 4.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported By the Parent Holding Company:
Not applicable.
Item 8. Identification and Classification of Members of the Group:
The members of the Group are Jack Seibald, Stephanie Seibald, SDS
Partners I, Ltd., Boxwood FLTD Partners, Stewart Spector IRA, Barbara Spector
IRA Rollover and Karen Dubrowsky IRA.
Item 9. Notice of Dissolution of a Group:
Not applicable.
SCHEDULE 13G
CUSIP NO. 233065 10 1 Page 11 of 14
Item 10. Certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SCHEDULE 13G
CUSIP NO. 233065 10 1 Page 12 of 14
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 12,2004
By: /s/ Jack Seibald
-------------------------------
Jack Seibald
By: /s/ Stephanie Seibald
-------------------------------
Stephanie Seibald
SDS PARTNERS I, LTD.
By: /s/ Jack Seibald
-------------------------------
Jack Seibald, Attorney-in-fact
BOXWOOD FLTD PARTNERS
By: /s/ Jack Seibald
-------------------------------
Jack Seibald, Attorney-in-fact
STEWART SPECTOR IRA
By: /s/ Jack Seibald
-------------------------------
Jack Seibald, Attorney-in-fact
BARBARA SPECTOR IRA ROLLOVER
By: /s/ Jack Seibald
-------------------------------
Jack Seibald, Attorney-in-fact
KAREN DUBROWSKY IRA
By: /s/ Jack Seibald
-------------------------------
Jack Seibald, Attorney-in-fact
JOINT FILING AGREEMENT
JOINT FILING AGREEMENT made as of this 12th day of February, 2004 by and
among JACK SEIBALD ("J. Seibald"), STEPHANIE SEIBALD ("S. Seibald"), SDS
PARTNERS I, LTD. ("SDS"), a Florida limited partnership, BOXWOOD FLTD PARTNERS
("Boxwood"), a Delaware limited partnership, STEWART SPECTOR IRA ("S. Spector")
BARBARA SPECTOR IRA ROLLOVER ("B Spector") and KAREN DUBROWSKY IRA
("Dubrowsky"),
WHEREAS, J. Seibald, S. Seibald, SDS, Boxwood, S. Spector, B Spector and
Dubrowsky collectively beneficially own more than five (5%) percent of the
issued and outstanding common stock, $.01 par value of DCAP Group, Inc.
("DCAP"), a Delaware corporation; and
WHEREAS, pursuant to Section 13(g) of the Securities Exchange Act of 1934,
as amended and the rules and regulations promulgated thereunder, the parties
hereto are required to file a Schedule 13G with the Securities and Exchange
Commission ("SEC").
NOW, THEREFORE, the parties agree as follows:
1. Seibald, S. Seibald, SDS, Boxwood, S. Spector, B Spector and Dubrowsky
hereby agree to jointly file a Schedule 13G with the SEC regarding the
beneficial ownership of DCAP Common Stock and to file any and all amendments and
supplements thereto.
2. This Agreement contains the entire agreement among the parties
concerning the subject matter hereof and may not be amended, modified or changed
except pursuant to a written instrument signed by all parties.
IN WITNESS WHEREOF, the parties have signed this Agreement the day and year
first above written.
By: /s/ Jack Seibald
-------------------------------
Jack Seibald
By: /s/ Stephanie Seibald
-------------------------------
Stephanie Seibald
SDS PARTNERS I, LTD.
By: /s/ Jack Seibald
-------------------------------
Jack Seibald, Attorney-in-fact
BOXWOOD FLTD PARTNERS
By: /s/ Jack Seibald
-------------------------------
Jack Seibald, Attorney-in-fact
STEWART SPECTOR IRA
By: /s/ Jack Seibald
-------------------------------
Jack Seibald, Attorney-in-fact
BARBARA SPECTOR IRA ROLLOVER
By: /s/ Jack Seibald
-------------------------------
Jack Seibald, Attorney-in-fact
KAREN DUBROWSKY IRA
By: /s/ Jack Seibald
-------------------------------
Jack Seibald, Attorney-in-fact